§ 58-40-130. Financial disclosure; rate modifications; reporting requirements. - North Carolina Statutes

§ 58‑40‑130. Financial disclosure; rate modifications; reporting requirements.

(a)        The Commissionermay require each insurer subject to this Article to report, on a formprescribed by the Commissioner, its loss and expense experience, investmentincome, administrative expenses, and other data that he may require, for kindsof insurance or classes of risks that he designates. These reports are inaddition to financial or other statements required by Articles 1 through 64 ofthis Chapter.

(b)        The Commissionermay designate one or more statistical organizations to gather and compile theexperience and data referred to in subsection (a) of this section for theirmember companies.

(c)        Whereas theprovisions enacted by the General Assembly in 1986 regarding modifications inNorth Carolina civil law may have a prospective effect upon the loss experienceof insurers subject to this Article, the Commissioner is authorized to revieweach company's rates by type of insurance that are in effect on and afterJanuary 1, 1987, and, when and where appropriate, require modification of thoserates.

(d)        Each insurersubject to this Article shall record the experience and data referred to insubsection (a) of this section. Such experience and data shall be reported tothe Commissioner on a form prescribed by the Commissioner by March 31 of eachyear for each one‑year period ending on December 31 of the previous year.

(e)        On or before July1, 1988, and annually thereafter, the Commissioner shall report to the GeneralAssembly the effects, if any, of changes in North Carolina civil law statuteson the experience of insurers subject to this section. (1985 (Reg. Sess., 1986), c.1027, c. 13; 2005‑210, s. 16.)